Islamabad, January 8, 2026: Hyderabad and Sialkot will become the seventh and eighth teams in the Pakistan Super League (PSL) from the upcoming season, following a record-breaking franchise auction that saw bids far exceed expectations.
US-based aviation and healthcare conglomerate FKS, which also owns the Chicago Kingsmen, secured the Hyderabad franchise with a bid of PKR 1.75 billion (USD 6.2 million). Meanwhile, OZ Developers, a real estate consortium led by CEO Hamza Majeed, won the Sialkot franchise with a bid of PKR 1.85 billion (USD 6.55 million), making it the most expensive franchise in PSL history.
The auction began with a base price of PKR 1.1 billion for the first team, representing the annual fee payable to the Pakistan Cricket Board (PCB) for a 10-year operating right. The bidding quickly intensified when FKS, led by CEO Fawad Sarwar, entered with a PKR 1.4 billion bid—well above the minimum incremental requirement.
FKS then engaged in a bidding war with financial technology firm i2c, gradually raising the price to PKR 1.54 billion, PKR 1.68 billion and finally PKR 1.75 billion to clinch the franchise, which it later confirmed would carry the Hyderabad city name.
Although the headline dollar value is marginally lower than what Multan Sultans were sold for in 2018, currency controls at the time meant that, in real terms, Hyderabad will carry the highest annual franchise fee in PSL history. The fee is nearly three times higher than that of Lahore Qalandars, currently the most expensive of the existing franchises at PKR 670 million, and roughly equivalent to the combined fees of Lahore, Karachi and Peshawar.
Buoyed by the Hyderabad sale, the PCB set the base price for the second franchise at PKR 1.7 billion. With fewer bidders willing to compete at that level, the auction progressed more steadily before OZ Developers outbid i2c at PKR 1.85 billion to secure Sialkot.
The unexpectedly high bids appeared to catch several approved parties off guard. Telecommunications firm Jazz and Inverex Group, a major player in the solar energy sector, were widely seen as strong contenders but did not place bids during the auction.
With the sale, Hyderabad and Sialkot become the most valuable franchises in the league, surpassing all five retained teams, which are valued between PKR 370 million and PKR 670 million (USD 1.2 million to USD 2.4 million).
PCB Chairman Mohsin Naqvi congratulated the new franchise owners, saying they were not only custodians of their respective teams but also key stakeholders in the future of Pakistan cricket.
The PCB also confirmed that at least one more franchise will be sold next year. The board will operate Multan Sultans for the upcoming season before putting the team up for sale. Former owner Ali Tareen, who withdrew from the current auction at the last moment, has expressed interest in bidding when the Multan franchise is offered again.
The 11th edition of the Pakistan Super League is scheduled to be held from March 26 to May 3 this year.
